This has made Monero a good option for beginners and other people who don’t want to invest lots of money to start mining. Instead, Monero mining can be carried out using your computer’s CPU/ GPU. An ASIC can cost anywhere between $600 to $1000, which has made Bitcoin mining unattractive for anyone except professionals.įortunately, Monero mining doesn’t require you to purchase an ASIC.
#MONERO DAEMON SYNC SLOW HOW TO#
Read more & learn how to buy Ripple in no time! Monero Mining Does Not Require an ASICĪn ASIC ( Application Specific Integrated Circuit) is a special type of hardware used for Bitcoin mining. Not sure how to buy Ripple (XRP)? This guide will teach you how & where to buy Ripple cryptocurrency. Since no one knows anything about the previous transactions of a Monero coin, all of them are considered equal and are interchangeable with one another.Ĭrypto How to Buy Ripple: A Comprehensive Guide So, one unit of Bitcoin might not be interchangeable with another Bitcoin, but this is not the case with Monero. This is possible because everyone can see the transactions which have taken place on the Bitcoin network. That’s because someone might refuse to take a Bitcoin which has previously been used in illegal transactions. This is what makes fiat currency ( USD, EUR, JPY, etc.) fungible.īitcoin is not fungible. For example, a $100 bill can be replaced by another $100 bill, or even two $50 bills. In fact, it’s a very simple concept.įungibility simply means that units of a currency ( or asset) are interchangeable. In addition to complete privacy, here are some more other unique features of Monero: Monero is Fungible As some people feel uncomfortable letting others know what they are spending their money on. The privacy that is offered by Monero is what has made it so popular. There is no one else on the Monero network that could find out that this transaction ever took place. If the transaction is done using Monero, then Carl and Ava are the only two people who will know about this transaction.
Monero’s technology allows all transactions to remain 100% private and untraceable. Monero, however, is both decentralized and private. This means that transactions sent in Bitcoin are public and out there for everyone to see.Įven though Bitcoin is decentralized, it is not private. Everyone can see who the sender is who the receiver is. If Carl sends Ava some money using Bitcoin, the transaction is visible to everyone on the network. If Carl and Ava want that their transaction remains untraceable and private, then Monero may be their best option. So, why would Carl use Monero? How Monero is Different from Bitcoin? If you have no idea where to start, consider Coinbase and Binance. Simply pick a crypto exchange that supports Monero and have it in your wallet in no time. On top of that, you'll also be able to find out about some of the best XMR mining platforms, such as Minergate and CCG Mining.īefore jumping to mining, though, it’s important for you to know that there is a so much easier way to obtain Monero than mining it. So, by the end of this guide, you will have a clear understanding of what Monero mining is, and whether you should do it or not.
#MONERO DAEMON SYNC SLOW SOFTWARE#
Monero mining might seem confusing, and you may have many questions such as: how does it work? What kind of software and hardware do I need? How do I start? How long does it take to mine one XMR?īut here’s the good news - today I will answer all these questions and many more related to Monero mining. The growth that Monero experienced last year has brought a lot of attention to XMR mining.
So, if you are thinking about Monero mining, then you’re not alone. It went up from $10 in January 2017 to $494 in January 2018, giving a return of around 4800% to its investors. Monero has become a favorite among investors and miners because of its powerful performance last year. Created in April 2014, today it is the 10 th largest cryptocurrency with a market capitalization of $1,5 billion. In the highly-competitive market of cryptocurrencies, Monero ( XMR) has created a place for itself.
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